ABU DHABI - His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), issued a Federal Decree endorsing a law on a unified system of industrial regulation in the Gulf Cooperation Council (GCC) countries on August 10, 2005, Emirates News Agency (WAM) reported.
The legislation aims at increasing the contribution of the industrial sector to the country’s gross domestic product (GDP) and will also create a base for the economic integration and prosperity of the GCC countries.
The law emphasizes the need for the use of local input, the introduction of modern technology adapted to the local industrial environment and the recruitment and training of national manpower.
It stresses the need to adopt a GCC-wide policy on industrialization to meet the requirements of the region’s economic development plans and programs.
The law also deals with several issues concerning prospects of local consumption and exports, environmental conservation, public health, safety and order, and tradition.
The law states that conformity with standards, criteria, and mechanisms approved by the World Trade Organization (WTO) on trade exchange and the increase of exports should also be observed.